ING Group has reached a final agreement with Piraeus Bank on a 10-year exclusive distribution partnership in Greece that covers life insurance, employee benefits, pension insurances and retail banking products.
ING and Piraeus Bank signed the memorandum of understanding to enter into this partnership in July 2007. The negotiations have now been finalized and have resulted in an agreement that gives ING exclusive access to Piraeus Bank’s network of 309 branch offices in Greece for the distribution of life insurance and pension products.
Meanwhile, ING’s network of tied agents in Greece will promote the retail banking products of Piraeus Bank. In addition, ING has acquired full ownership of ING Piraeus Life, the joint venture between ING and Piraeus Bank. Financial details were not disclosed.